Abu Dhabi: Abu Dhabi's $22 billion (Dh80.7 billion) flagship green energy initiative, known as Masdar, remains on track and won't be scaled back despite technical challenges, its chief executive officer said Tuesday.
"There has been no scale-back, there has been no scale-down, as far as Masdar is concerned. Masdar is progressing as per plans," Sultan Al Jaber told reporters at a press briefing in Abu Dhabi.
Masdar in February called itself a work in progress "by definition" and said it would review its plans as renewable energy technologies evolved. Al Jaber earlier in June said Masdar's plans would be going ahead despite a project review that started in 2009 but that there were "lessons learned" from the past three years.
Abu Dhabi launched the Masdar initiative in April 2006 to establish the emirate as a hub for alternative energy resources and sustainable technologies at a time of rising concerns over global warming fuelled by increased consumption of hydrocarbons.
Masdar, also known as the Abu Dhabi Future Energy Co., is a subsidiary of Mubadala Development Co.
